**KIM WOODS** wk7 q2

**USE ATTACHMENT AS GUIDE**

Imagine that you are the vice president (VP) for finance in a large pharmaceutical company. The two chief biochemists tell you that their department discovered a drug that decreases incidences of alzheimers. While you as VP of finance are intrigued, to say the least, you ask to see the results of experiments especially since you also learned from them that $3 million dollars is needed to purchase equipment and personnel to manufacture the drug to decrease incidences of alzheimers.The $3 million is a huge expense; yet, it has potential to increase benefits for patients and profits for your company if the drug really does decrease incidences of alzheimers. Of course, you as VP want to know that the results of experiments are not due to chance. The consequences related to Type I error are serious. CLASS: What do you, as the VP, decide to do to help avoid Type I and Type II errors? Please use your source for defining each error and deciding how to avoid them. NOTE: This scenario is your example from research; so, you need a source that supports your definitions of the concepts including procedures of how to manipulate them in an experiment for this scenario.